Arvest hits $2B mortgage mark

Arvest Bank has passed the $2 billion mortgage mark for the second time in as many years.

The Arkansas-based company's mortgage division exceeded the benchmark Nov. 15. The company reached the milestone for the first time last year, according to a news release issued last week.

The company recorded $1 billion in new loans for the 11th consecutive year on May 29, the quickest that benchmark has been reached.

Through October, Arvest originated $811 million in purchase money loans - those issued to a borrower by the seller of the home, according to Investopedia.com - a 15 percent increase compared to $704 million at the same time last year. This year, refinance loans has dropped to 59 percent of  total, with purchase money loans increasing to 41 percent. “This shift from refinance loans to purchase money just means that there is still plenty of opportunity for both new home buyers and those who wish to refinance their current mortgage," Arvest Mortgage Co. President and Chief Operating Officer Steven Plaisance said in the release.

"Rates continue to be a bargain historically, and should stay that way for some time.”

Arvest's mortgage-servicing portfolio has reached roughly 65,600 loans this year, up from 62,000 in all of 2012. Through October, the outstanding balance of the loans was $7.66 billion, the release said.

Arvest operates more than 260 branches in Arkansas, Oklahoma, Missouri and Kansas.[[In-content Ad]]